Directors Report 1

Director's Report For the period ended 30 April 2015

The director presents his report and the financial statements for the period ended 30 April 2015.

Incorporation The company was incorporated on 6 March 2014. Principal activities The principal activity is that of a holding company. Director The director who served during the period was: P J Hartley ( appointed 6 March 2014) Director's responsibilities statement The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: ?select suitable accounting policies and then apply them consistently; ?make judgments and accounting estimates that are reasonable and prudent; ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Going concern In accordance with his responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. As the director plans to wind up the business before the end of 2015, the financial statements have been prepared on a break up basis. In accordance with current best practice further commentry in this regard is set out in the Accounting policies accompanying the financial statements.

Page 1 PH Law Limited Director's Report For the period ended 30 April 2015 Disclosure of information to auditor The director at the time when this Director's report is approved has confirmed that: ?so far as he is aware, there is no relevant audit information of which the company's auditor is unaware, and ?he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information. Auditor Grant Thornton UK LLP, were appointed as auditor during the period. Grant Thornton UK LLP offer themselves for reappointment as auditor in accordance with Section 485(4) of the Companies Act 2006. In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.

P J Hartley Director Date:`2aily 2015

Page 2

GrantThornton

Independent Auditor's Report to the Members of PH Law Limited

We have audited the financial statements of PH Law Limited for the period ended 30 April 2015, which comprise the Profit and loss account, the Balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of director and auditor As explained more fully in the Director's responsibilities statement, set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors. Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www. frc.org.uk/ audits copeukprivate. Opinion on financial statements In our opinion the financial statements: ?give a true and fair view of the state of the company's affairs as at 30 April 2015 and of its profit for the period then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and ?have been prepared in accordance with the requirements of the Companies Act 2006. Emphasis of matter - Basis of preparation In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in Note 1 concerning the basis of preparation of the financial statements. As explained in note 1.2 the Director plans to wind up the business before the end of the year 2015 and therefore the business will be in existence for a period of less than 12 months following the year end date. As a consequence, the director does not consider PH Law Limited to be a going concern and the financial statements have been prepared on a break up basis. The financial statement includes adjustments for costs of closure and consideration of the assets' net realisable values. Details of the impact of this are disclosed in Note 1. ?Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements.

Page 3

GrantThornton

Independent Auditor's Report to the Members of PH Law Limited

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of director's remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or ?the director was not entided to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a strategic report or in preparing the Director's report. 6ctyd-1143A&K UK LIT Fiona Baldwin (Senior statutory auditor) for and on behalf of Grant Thornton UK LLP Statutory Auditor Chartered Accountants Manchester Date: jiarre-28-1-3' 20 6,kt aoic

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Directors Report 1

Director's Report For the period ended 30 April 2015

The director presents his report and the financial statements for the period ended 30 April 2015.

Incorporation The company was incorporated on 6 March 2014. Principal activities The principal activity is that of a holding company. Director The director who served during the period was: P J Hartley ( appointed 6 March 2014) Director's responsibilities statement The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: ?select suitable accounting policies and then apply them consistently; ?make judgments and accounting estimates that are reasonable and prudent; ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Going concern In accordance with his responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. As the director plans to wind up the business before the end of 2015, the financial statements have been prepared on a break up basis. In accordance with current best practice further commentry in this regard is set out in the Accounting policies accompanying the financial statements.

Page 1 PH Law Limited Director's Report For the period ended 30 April 2015 Disclosure of information to auditor The director at the time when this Director's report is approved has confirmed that: ?so far as he is aware, there is no relevant audit information of which the company's auditor is unaware, and ?he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information. Auditor Grant Thornton UK LLP, were appointed as auditor during the period. Grant Thornton UK LLP offer themselves for reappointment as auditor in accordance with Section 485(4) of the Companies Act 2006. In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.

P J Hartley Director Date:`2aily 2015

Page 2

GrantThornton

Independent Auditor's Report to the Members of PH Law Limited

We have audited the financial statements of PH Law Limited for the period ended 30 April 2015, which comprise the Profit and loss account, the Balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of director and auditor As explained more fully in the Director's responsibilities statement, set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors. Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www. frc.org.uk/ audits copeukprivate. Opinion on financial statements In our opinion the financial statements: ?give a true and fair view of the state of the company's affairs as at 30 April 2015 and of its profit for the period then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and ?have been prepared in accordance with the requirements of the Companies Act 2006. Emphasis of matter - Basis of preparation In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in Note 1 concerning the basis of preparation of the financial statements. As explained in note 1.2 the Director plans to wind up the business before the end of the year 2015 and therefore the business will be in existence for a period of less than 12 months following the year end date. As a consequence, the director does not consider PH Law Limited to be a going concern and the financial statements have been prepared on a break up basis. The financial statement includes adjustments for costs of closure and consideration of the assets' net realisable values. Details of the impact of this are disclosed in Note 1. ?Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements.

Page 3

GrantThornton

Independent Auditor's Report to the Members of PH Law Limited

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of director's remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or ?the director was not entided to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a strategic report or in preparing the Director's report. 6ctyd-1143A&K UK LIT Fiona Baldwin (Senior statutory auditor) for and on behalf of Grant Thornton UK LLP Statutory Auditor Chartered Accountants Manchester Date: jiarre-28-1-3' 20 6,kt aoic

Page 4 PH Law Limited

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